SDX Energy (GB:SDX) has released an update.
SDX Energy PLC has renegotiated terms with Aleph Finance Ltd to refinance a $3.25 million unsecured, convertible loan, extending the repayment deadline to October 14, 2024, and increasing the facility to $6.5 million to cover Moroccan capital expenditures and general corporate costs. The agreement includes a pledge of company shares and assets as security and enables the lender to convert the loan to company shares at 80% of the average closing price. Shareholder approval is pending for the revised agreement, which is crucial to avoid default and potential insolvency as the current loan matures on October 14, 2024.
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